MRED Blog

REinventing MLS . . .

Monthly Archives: January 2014

MRED Brokers 6 – Polar Vortex 0

The Business of Real Estate Continues Despite Record Setting Cold Weather

LISLE, ILLINOIS (January 28, 2014) – Everyone at Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), marvels at how real estate transactions continue to be conducted, even under the worst weather conditions.  As the Midwest continues to struggle through a new wave of numbing cold and whiteout snowstorms, we looked back to earlier this month where under similar conditions MRED customers reported doing “business as usual” under the most difficult circumstances during 2014’s first (yes, first) polar vortex.

Was any real estate business really conducted on January 6th and 7th?  The answer is emphatically yes!  MRED customers added 1,125 listings and closed 420 transactions during those two days.

Many brokers, like Sherri Southall, Prestige Partners Realty in Calumet City, told us how surprisingly busy they were.  While planning to just stay warm and dry at home, and use that down time to call for-sale-by-owners and expired listing sellers, to her amazement Sherri did the complete opposite. Her phone was ringing off the hook from buyers and sellers who wanted to buy or list properties in the crazy freezing cold weather. She jumped at the opportunity and called her partner to pick her up in his truck.  At every house they visited the driveways and walkways were knee-high in snow. She brought along her snow shovel to plow their way through to each doorway. During the “polar vortex”, Sherri managed to take two listings, won a HUD bid, and wrote 3 offers.  One must wonder how the last couple of days have gone for her.

At least one of MRED’s customers is a hero.  Santiago Moreno, Prudential Rubloff in Evanston, conducted a final walk-through prior to closing on one of his listings.  Water wasn’t running in the unit, and it became clear the pipes had frozen.  Santiago immediately shut off the water, and the walk-through and closing had to be delayed for a few days while things defrosted.  Once they returned to the unit and tested the water flow, they found cracks in a number of the pipes.  When the plumber arrived to fix the pipes he asked, “Who was the genius smart enough to shut off the water?”  Santiago was, if not the genius, certainly a hero.  He saved the unit from serious damage, and saved the sale as well.

Real estate brokers are a multi-talented bunch.  Patrick Skach, Skach Real Estate in Westchester, is also a climate research contributor with the College of DuPage meteorology department, as well as a cooperative weather observer with the National Weather Service’s Chicago office.  Patrick reported that the 12:00 noon temperature (-11 F) January 6th was the coldest noon temperature in twenty years, and one of the ten coldest days in recorded Chicagoland history.

With the cold, also came the snow.  The foot of snow at O’Hare was the largest snowfall since the 2011 Groundhog’s Day blizzard.  The 8.7 inches on January 5th set a new calendar day record snowfall for Chicago, breaking the old record of 6.2″ set in 2005.

Sometimes you do the right thing and you get rewarded.  Scott Siegel, Jennings Realty in Evanston, had a story that didn’t start too well but ended up as a winner.  On January 7th he had a morning appointment in West Garfield Park to show a two-flat.  After fifteen long minutes of waiting, the client failed to show – but here’s the reward.  As luck would have it, a neighbor from three doors down who had had her eye on the place, approached and asked if it was for sale, and if so could she see it. Figuring that he needed to make Italian ice from frozen lemons, he gave her a tour. She loved it, was quickly pre-approved by his mortgage referral partner and they now have an offer in play. The best part may have been Scott trying to write down her contact information with a pen whose ink was too cold and thick to flow.

Alexis Eldorrado, Eldorrado Chicago Real Estate, had a different set of challenges.  On the morning of January 6th, she had a mandatory U.S. Bankruptcy Court ordered closing downtown.  The good news was driving to the closing was no problem, nor was street parking, as downtown was nearly deserted.  Besides a few minor title issues the seller had to clean up, more troublesome was the buyer having an expired driver’s license.  The title company’s would not accept it and could not close without a valid picture ID.  The Buyer ran across the street to the Secretary of State office to get her license renewed only to find the office closed due to the weather!  When she returned, the closer very graciously completed the transaction without the ID, assuming she would return the next morning with her renewed driver’s license.  All’s well that ends well – the deal was done!

Lee Garafolo-Malizia, McColly Real Estate in Schererville, had just arrived from Florida the night of January 3rd.  On the 4th she had the “pleasure” of showing five vacant homes, none of which had been plowed nor heated.  In one house it was raining in the basement and had a wide open front door.  Another had all the pipes, bathroom fixtures, furnace, and hot water heater removed.  While struggling to show all these properties, the elastic had stretched on Lee’s skirt.  Getting out of the car for the last showing, she and her clients were shocked when her skirt fell down around her ankles.  Adding insult to injury, Lee’s embarrassment doubled because her clients were clergy. They were so impressed with how well she handled this, just like she had handled very difficult showings all day long, that they are still happy clients.

“What can you say that adequately describes the dedication and professionalism of our customers?” said MRED President and Chief Executive Officer, Russ Bergeron.  “These are but a few examples of what Realtors® do on a daily basis.  It is always inspirational to be reminded of how hard Realtors® work on behalf of their clients.  They continue to be an integral part of the real estate market and the economy, and MRED will continue to serve them – no matter how cold it gets.”

About MRED

Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 8,000 offices.  MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.  MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for two years running according to the WAV Group MLS Technology Survey.  MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association.  For more information please visit MREDLLC.com.

All Cash Real Estate Sales [Infographic]

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Infographic via KCM Blog

Rules for Listing International Properties on the “New” 1000 AREA of the MLS in Illinois

mweinsteinBy Dr. Margot Weinstein, Vice-Chair of the Global and Emerging Market Forum for the Chicago Association of REALTORS® and Director of FIABCI-USA’s Chicago and Midwest Council

Real Estate Broker and Educator/Consultant and Author

drmargot@drmargotweinstein.com; www.drmargotweinstein.com, 1-312-664-4849

As licensed professionals continue to do business with an international audience around the world and in Chicago, the Midwest Real Estate Data has set rules for agents to enter their listings in the new 1000 area for international listings.  Kris Trojan Senior Compliance Analyst of the Midwest Real Estate Data LLC says regarding entering International listings on the MLS: “I have checked into the rules regarding entering International listings.    We only allow Exclusive Right to Sell and Exclusive Agency listings regardless of the location of the property.  Any International listing that does not have an Exclusive listing agreement will not be allowed in the service.  Listing should follow general rules as below. If you have any other questions, please do not hesitate to call. My contact information is below:

SECTION 1(b): EXCLUSIVE BROKERAGE AGREEMENTS

The Service only accepts property listings subject to an “Exclusive Right to sell”, “Exclusive Right to Lease” or “Exclusive Agency” brokerage agreement. For business only listings, the Service will accept a contract between the broker and their client which provides for the Broker’s exclusive representation and gives the Broker the authority to place the business for sale in the Service.

The different types of Exclusive brokerage agreements include:

a) Exclusive Right to Sell

b) Exclusive Right to Lease

c) Exclusive Agency

Rules and Regulations

An Exclusive Right to sell brokerage agreement is a written agreement between a broker and seller to market the seller’s property, giving the broker the exclusive right to place the listing into the Service and offer cooperation and compensation to other Service Participants.

An Exclusive Right to Lease brokerage agreement is a written agreement between a broker and lessor to lease the lessor’s property, giving the broker the exclusive right to place the listing into the Service and offer cooperation and compensation to other Service Participants.

The Exclusive Agency brokerage agreement also authorizes the Listing Broker, as exclusive agent, to offer cooperation and compensation on a blanket unilateral basis, but reserves to the seller the general right to sell the property on an unlimited or restrictive basis. Exclusive agency and exclusive right to sell brokerage agreements with named exceptions should be clearly distinguished from exclusive right to sell brokerage agreements with no named exceptions pursuant to Section 1.9 below since they can present special risks of procuring cause controversies and administrative problems not posed by exclusive right to sell brokerage agreements with no named exceptions.

Open listings and net listings are not accepted by the Service. Open listings are not accepted because the inherent nature of an open listing is such as to usually not include the power to offer cooperation and compensation. Net listings are not accepted because (1) they are considered unethical, and (2) by nature they do not permit cooperation and compensation on a blanket unilateral basis.

Kris Trojan, Senior Compliance Analyst
Midwest Real Estate Data
2443 Warrenville Rd., Ste. 600
Lisle, IL 60532
(630)955-0011, Fax (630)955-0353 or email: KrisT@mredllc.com

MRED’s Customers On Board with Realtors Property Resource®

MLS Giant’s Listing Content Now Available for Inclusion in RPR’s Database

LISLE, ILLINOIS (January 22, 2014) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS),  announced that MRED listing content is now appearing in Realtors Property Resource® (RPR).

RPR is a parcel-centric national database of property information owned by the National Association of Realtors® (NAR).  RPR is not a multiple listing service (MLS) and does not support offers of cooperation and compensation.  RPR was created by NAR to provide Realtors® with additional data they might need to meet the demands of their clients.  RPR is 100% owned by Realtors® and is only accessible by Realtors®.  RPR is working with MLSs to populate their database with property information from all over the United States.

“The introduction of MRED data into RPR has gone seamlessly,” said MRED President and CEO Russ Bergeron.  “This is yet another example of our efforts to provide MRED customers with multiple opportunities to promote their listings as well as bring together different sources of pertinent market data.  The activation of RPR demonstrates the continued expansion of MRED’s stable of services.”

“With the launch of integrated market data from MRED, their REALTOR® members will now have access to their active and off market property information in RPR in order to power high value features, reports and valuation tools for REALTORS® to use with their clients and customers,” says RPR CEO, Dale Ross.  “MRED REALTOR® members will also benefit from expanded tools and features including Broker Tool Sets, Legislative Resources and reports, investment tools and RPR’s Commercial Application.  RPR would like to thank CEO Russ Bergeron and the MRED leadership for their support of RPR’s benefit to their REALTOR® members.”

About MRED

Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 8,000 offices.  MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.  MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for two years running according to the WAV Group MLS Technology Survey.  MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association.  For more information please visit MREDLLC.com.

About RPR

Realtors Property Resource® (RPR®), a wholly owned subsidiary of the National Association of REALTORS®, is an exclusive online real estate database providing REALTORS® with the analytical power to help their clients make better informed decisions while increasing efficiency in the marketplace. For more information about RPR, visit: http://blog.narrpr.com.

Midwest Real Estate Data (MRED) Announces 2014 Leadership Team

New Chairman, Jeff Gregory, Ready to take the Helm of MLS Giant

LISLE, ILLINOIS (January 22, 2014) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), is pleased to announce its newly elected leadership team for 2014.

MRED’s Board of Managers annually nominates and elects officers to guide the company through the upcoming year. This year’s officers, while new to their elected roles, have years of experience on MRED’s Board, Realtor® associations, and more importantly their own real estate practices.

“I am pleased that the Board has placed its confidence in these four individuals as MRED’s Officers for 2014,” said MRED President and Chief Executive Officer, Russ Bergeron.  “While new faces bring a different perspective, all four of these Board members have years of experience and a depth of knowledge about our industry that will serve MRED very well.”

The new leadership team includes:

Board Chair – Jeff Gregory, Managing Broker and Owner of Realty Executives Success with offices in Plainfield, Shorewood and Yorkville.  Jeff has eleven years of experience in the real estate industry, and resides in Joliet.   He is an award winning Broker/Owner and is active in the national, state and local Realtor® Associations.  “I would like to thank the MRED Board of Managers for electing me to lead them over the next year,” said Gregory.  “Our Board of Managers is truly a ‘Who’s Who’ of the Northern Illinois real estate marketplace.   I look forward to continuing to work with such an accomplished group of professionals while serving MRED’s customers at the high level they have grown to expect.”

Vice-Chair – John Matthews, Manager of Baird & Warner in Glen Ellyn.  John is in his twentieth year of broker management.  He is in his third year on MRED’s Board of Managers, and has also served on the Board of Directors for the Mainstreet Organization of Realtors® and Chicago Association of Realtors®.  He is well known for his expertise in multiple real estate markets, sales training and business coaching.

Treasurer – Charles “Chuck” Dinolfo, President of Century 21 Affiliated, the leading C-21 franchise in the world, having fifty offices in Illinois, Wisconsin and Indiana.  Chuck has been a real estate practitioner for twenty-eight years, a broker/owner for nineteen years and has served on MRED’s Board of Managers for the last five years.

Secretary – Kara Keller, Managing Broker of MSK Realty in River Forest.  A licensed Realtor® since 2003, Kara founded MSK Realty in 2005.  Kara has been a Chicago Five Star Agent for three consecutive years and a perennial IAR President’s Award winner. Prior to joining MRED’s Board of Managers in 2013, Kara served two years on the Board of Directors for the Oak Park Area Association of Realtors®.

While excited to have the participation and service of a distinguished and experienced new group of officers, MRED saw the end of the terms of a number of very talented individuals who helped guide the organization since its inception in 2008.  Rob Schaid of RE/MAX Plaza, Al Rossell of Jack Carpenter Realtors® and Tom Guttilla of Coldwell Banker Today’s, Realtors® have served with distinction as Officers and Board members and have contributed greatly to the success and reputation MRED has achieved.

“On behalf of MRED, I wish to thank the talented and dedicated individuals who have generously given their time to this organization,” added Bergeron.  “We could not ask for better qualified or more committed individuals than those who volunteer to sit on our Board.  It is no accident that MRED is experiencing such great success and stability.”

About MRED

Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 8,000 offices.  MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.  MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for two years running according to the WAV Group MLS Technology Survey.  MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association.  For more information please visit MREDLLC.com.

MRED’s All-Stars Selected for Real Estate Hall of Fame

MLS Giant’s Brokerages Well Represented on Swanepoel’s Top 200 List

RealSure, Inc., a real estate information services company, has announced its first Swanepoel Power 200 (SP200), a recognition of the 200 most powerful people in residential real estate in 2013. In addition to CEO Russ Bergeron, a number of MRED participants are also included.

Along with Bergeron, MRED customers included in this first SP200 include:

  • Michael Golden and Thaddeus Wong, Co-Founders of @properties
  • Steve Baird, President and COO, Baird & Warner
  • Fran Broude, President and COO, Coldwell Banker Residential
  • Nancy Nagy, President and CEO, Koenig & Strey
  • Michael Pierson, President and Chairman, Prudential Rubloff

Other Chicago connections include:

  • Pam O’Connor, President and CEO, Leading Real Estate Companies
  • The management and leadership teams of the National Association of REALTORS®
  • Glenn Shimkus, founder of Cartavi, a DocuSign company

Stefan Swanepoel, Editor-in-Chief of the SP200 is one of the most respected and sought after speakers and consultants in the residential real estate industry. The Executive Editor of the SP200 is well-known and highly esteemed real estate writer and commentator, Rob Hahn.  They created the SP200 to be the most comprehensive analysis published of the most powerful key decision makers, trailblazers, influencers, company chieftains, thought leaders, and innovators in residential real estate.

“I am honored to be included among such a prestigious group of industry leaders both nationally and locally,” said Broude. “The Midwest has always been forward thinking as it relates to the real estate industry. Fortunately, MRED drives much of the conversation and ideas by being the most innovative and progressive data and MLS provider servicing a major metropolitan area.”

“I am thrilled to be included with such an esteemed and accomplished group of professionals,” said Bergeron.  “This list confirms what I already know, there is significant influence wielded by the industry titans in the Chicagoland marketplace.  MRED congratulates these leaders on their recognition and pledges to continue our efforts to positively champion and support the real estate industry, at both local and national levels.”

About MRED

Midwest Real Estate Data (MRED)
is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 8,000 offices.  MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.  MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for two years running according to the WAV Group MLS Technology Survey.  MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association.  For more information please visit MREDLLC.com.